MNCPA joins more than 25 state societies urging more relief for states, local governments
July 23, 2020 | Linda Wedul
It’s clear that COVID-19 has impacted every facet of our community, from tax season filing deadlines to how we run our businesses. This is especially evident when you look at our state’s budget.
Minnesota entered 2020 with a projected $1.5 billion surplus. But, when the Legislature adjourned in May, it was projected our state would have a $2.4 billion deficit. And Minnesota is not alone. According to the Center on Budget and Policy Priorities, there’s a projected collective $555 billion budget shortfall
that states and local governments have to face for the current and subsequent two fiscal years.
State legislatures all over the country are struggling to put together budgets that balance. Unlike the federal government, our state constitution requires that our budget balances by the end of the fiscal year. It’s a lot of strain on an already-strained situation. That’s why now, more than ever, states and local governments need federal relief.
I, along with 27 chief executives of other state CPA societies, signed on to a letter
urging our Congressional leaders to prioritize financial relief for states and local governments. Without the promise of federal aid, states will have no choice but to shoulder the burden of balancing their budgets on taxpayers. And, as you all know, taxpayers are hurting. Now is not the time to increase taxes while Minnesotans are experiencing challenging financial situations.
I know there’s not an easy fix for what we’re experiencing right now. Ideally, businesses will continue reopening and the economy has a strong and steady recovery. Until then, the CPA profession’s expertise and guidance are essential to helping families, businesses and our public institutions manage through this transition.
Topics: Legislative & Government Affairs, SALT
Linda Wedul is president and CEO of the MNCPA. She’s usually spotted at MNCPA events, introducing herself to members with a warm smile and memorable laugh. Mixed among the Footnotes, accounting journals, leadership books and three monitors in her office, you’d be surprised to see a dog kennel. Her unpaid job is volunteering as a foster family for service dogs in training through Can-Do-Canines. She and her husband have two adult children and live in Farmington. Linda can be reached at 952-885-5516 or email@example.com.
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